This excerpt taken from the PBR 6-K filed May 13, 2009.
Petrobras Adopts Legal Tax Practices
Rio de Janeiro, May 11 2009 PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, would like to state publicly that it categorically denies insinuations regarding accounting maneuvers or tricks aimed to reduce taxes, as stated in stories published by the "O Globo" newspaper on May 10 and 11 2009.
Petrobras has always observed the legal rules, in line with its commitment to transparency and respect for the Brazilian society. In fact, a recent survey published by the Reputation Institute (RI), headquartered in New York, rated the company the worlds fourth most reputable company.
Petrobras accounts for a very substantial volume of taxes and government take Petrobras contributes with upwards of 20% of the total revenue in 17 states in the form of ICMS and government take. In 2008, it paid in some R$94 billion as taxes and government take nationwide.